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Oil Reserve Bonanza

"The Bakken is rocking," Cramer told viewers, as he explained how a major oil play is afoot right here in the U.S. It's called the Bakken shale region of North Dakota and Montana, and according to recent estimates, this region has reserves of 24 billion barrels of oil.

To put that in perspective, the United States in its entirety, is thought to only have 20 billion barrels of oil remaining. That means the Bakken has just more than doubled U.S. oil reserves. Cramer said there are already 165 rigs operating in the Bakken, and could produce as much 1 million barrels of oil a day.

Cramer said the way to play the Bakken is with Hess ( HES), an Action Alerts PLUS stock. Hess owns some 900,000 acres in the Bakken region and is investing $1.8 billion in 2011 alone to develop them.

Other players of interest in the Bakken area include EOG Resources ( EOG), one of the largest producers in the region, Continental Resources ( CLR), which owns 850,000 areas in the region, and Whiting Petroleum ( WLL), which has 580,000 acres.

Cramer said investors might also want to consider Brigham Exploration ( BEXP), which has 270,000 acres in early stage development. Brigham delivered 272% year over year production growth in its last quarter alone. Cramer said Oasis Petroleum ( OAS), a pure play on the Bakken region, is also an interesting trade.

It's unknown why the discoveries in the Bakken area, and the new technologies that are drilling there, are not mainstream news, but Cramer said with so much emphasis on energy independence, its only a matter of time before a lot more oil is flowing from the Bakken shale.

With the Bakken shale fields in North Dakota and Montana representing the biggest domestic oil discovery in a generation, Cramer said it's not enough to just concentrate on the oil drillers, as a whole host of companies will benefit from this huge new source of energy.

Cramer said that Northern Oil and Gas ( NOG) contributes money and partners with drillers to help make wells successful. Northern owns some 120,000 acres of prime land in the Bakken region.

But the gorilla in the room has to be Halliburton ( HAL), said Cramer, which is seeing more demand for its services than ever before. Halliburton has the expertise and the experience needed in complex drilling situations, like those found in the Bakken and other oil shale areas. Halliburton derives 40% of its business from the hydraulic fracturing used in these areas.

Cramer said that Nabors Industries ( NBR) is another company that's coming back into favor thanks to these new discoveries. Nabors, the largest on shore driller in the U.S., is already forecasting its earnings to grow by 50% to 60%.

Finally, Cramer said Carbo Ceramics ( CRR) is worth a second look. This company makes the ceramic materials that are pumped into fractures wells to help keep the oil flowing.